Stamp duties - issuance tax on the issuance of securities

Stamp duties are levied by the federal government as indirect taxes. They consist of the issuance charge, the turnover tax, and the insurance stamp duty.

Stamp Duties

Stamp duties are made up of three different charges: the issuance charge (on the issuance of securities), the turnover tax (on the trading of securities), and the insurance stamp duty (on premiums of insurances). The issuance charge covers the - compensated or uncompensated - issuance and increase of the nominal value of equity rights in the form of shares, limited liability company stakes, or cooperative shares. For example, the issuance of shares during the establishment of a new stock corporation, as well as a subsequent increase in share capital, is subject to the issuance charge. The charge is 1.0% on domestic equity rights.

The turnover tax is levied on purchases and sales of domestic and foreign securities made by domestic securities dealers. Securities dealers are considered to be banks, investment advisors, asset managers, and holding companies.

The insurance stamp duty is levied on premium payments for insurances and is to be paid by the insurer.

Changes in Stamp Duties

Various factions in the parliament demand a reform of the stamp duties, which cause competitive disadvantages for the economic location of Switzerland. In 2013, the federal government collected 2.1 billion francs through stamp duties. They are now to be gradually abolished while respecting the debt brake. The issuance charge on debt capital was already abolished as of March 1, 2012. The abolition of the issuance charge on equity is still under consideration. Foreign banks that are members of the Swiss exchange have been exempt from the turnover tax since July 1, 2010.